Cash out refinance is being a nightmare ,please advise

[Rosie Small]

I purchased a property with a hard money lender, I own $120,000 the property value ARV is$181,000, the mortgage company will finance under my llc, said that he can do just 70% Ltv because my rental property lease contract is month to month,my interest rate is 5.5%, because my credit score is 714, I have to refinance but. ,.. is this a good offer? Standard in the market?please any advise, suggestion, any lender name,who can help, I have an other 2 refinance deals.

[Michael Glist]

Seems like the issue is the month to month lease. Since it is month to month they are likely considering it a short term rental which does indeed affect your LTV. If you were to place it in a long term lease that would likely give you the ability to go up to 75% as opposed to 70%. You can also ask if there is any sort of rate or LTV hit if the property is unleased.